How to Set Up as a Freelance Accountant
Transitioning into the world of freelance accounting requires careful planning and execution. Let’s go through the key steps of setting up as a freelance accountant:
1. Get Qualified
Make sure you have the required qualifications or work towards obtaining them. Consider pursuing certifications such as the Association of Accounting Technicians (AAT) qualification, which is often seen as a minimum requirement for qualified accountants. If your goal is to work with international clients, additional qualifications like those offered by the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA) may be necessary to approve global accounts legally.
2. Determine Your Professional Offering
Decide on the specific accounting services you intend to provide. While offering general accounting services across various industries is an option, specialising in a particular niche can help you develop industry-specific expertise and make yourself more appealing to potential clients.
3. Think About Pricing
Set your prices by taking into account factors such as your qualifications, experience and range of services offered. You can choose between traditional hourly rates or package your services into monthly retainers, providing clients with more predictable costs.
4. Secure the Right Insurance
Considering the nature of your work, acquiring professional indemnity insurance is a must. This type of insurance can safeguard you in case you face accusations of providing incorrect advice that leads to financial losses for your clients. Having insurance offers a safety net against potential legal disputes and financial liabilities.
5. Fulfil Your Legal Responsibilities
In Australia, it is a requirement for accounting and bookkeeping service providers to be registered with recognised regulatory bodies like the Tax Practitioners Board (TPB).Â
6. Create an Online Presence
In today's digital era, it's important to have a strong online presence to attract clients. Create a professional website that showcases your qualifications, experience, client testimonials and contact details. Make sure to maintain consistency by extending your branding and messaging across your social media profiles. Actively participating in relevant LinkedIn groups and discussions can further enhance your profile visibility.Â
For more information have a look at our guide digital marketing for accountants & accounting firms.
7. Build a Professional Network
Make use of your existing network by reaching out to former employers, colleagues and contacts to inform them about your freelance accounting venture. Previous employers might consider hiring you for temporary assignments or referring you to others who are seeking accounting services. Internships and work experience can also be valuable for making important connections.Â
8. Choose the Right Accounting Software
When it comes to choosing the perfect accounting software for your freelance accounting and bookkeeping business in Australia, QuickBooks is a great option.Â
It provides a user-friendly platform that is accessible and secure as it operates through the cloud. Here are some compelling reasons why you should go for QuickBooks Online:
Convenient Cloud-Based Approach - With QuickBooks Online, you and your clients can access financial records from anywhere as long as you have an internet connection. This cloud-based system ensures that your data is always available when and where you need it, making collaboration more efficient.
Recognised and Trusted - QuickBooks Online is trusted by accounting professionals worldwide due to its recognition and adherence to industry standards. It meets all the rigorous requirements set by authorities in the field, ensuring reliability and compliance with Australian financial regulations.
Real-Time Collaboration - QuickBooks Online facilitates seamless real-time collaboration. You can work together with your clients effortlessly, reviewing and adjusting financial records simultaneously. This feature promotes effective communication and reduces delays in managing finances.